2021 has brought higher home loan rates but even with the rise in mortgage rates…
In 2021 there will be new Fannie Mae and Freddie Mac Loan Limits (a.k.a. Conforming Loan Limits). Oh by the way, Fannie Mae and Freddie Mac home loans are referred to as ‘Conforming Loan’ because they conform to the Fannie Mae and Freddie Mac guidelines. In addition there will be new loan limits for FHA Home Loans too in 2021.
Conforming NEW Mortgage Limits for 2021
North Carolina has 100 counties. Raleigh, North Carolina is in Wake County and the new conforming loan limits for 2021 for a single-family home (a.k.a. one-family or one-unit) in Wake County and the Triangle area will be $584,250. There are 3 counties in North Carolina which are considered high costs. For more information about the new conforming loan limits check out episode 114 of the Martini Mortgage Podcast.
FHA (Federal Housing Administration) NEW Mortgage Limits for 2021
Due to the growth in home price appreciation the FHA has increased the loan limits for most of the counties in North Carolina. See the carousel below for the county limits for Wake, Chatham, Durham, Harnett & Johnston.
Buying a Home, Things to Consider
If you are a first-time homebuyer, a repeat homebuyer or work in the real estate arena this podcast episode is for you. Chief Mortgage Strategist Kevin Martini curated this Martini Mortgage Podcast episode to simply explain the housing market and the process of getting a mortgage and to introduce a free resource which is referred to as The Winter 2021 edition of the Martini Buyer Guide (a.k.a. Things to Consider when Buying a Home).